Democratic Northwest. [volume] (Napoleon, Ohio) 1869-1894, 1887-04-21
FIndlay's Boom Busted.

The Cleveland Penny Press has very pret
ty little "story of a lot" at Findlay, sent b,
its special "Hannes." Hannes says:
1t seems hardly fair to leave Findlay will
its hurly-burly of wisdom and unwisdom, anC
to unclasp the parting hand with Colone
Sellers many descendants here fixed, with
out giving the history of "lot 1926, Highland
| DIVISION, one acre, only "a miles from the
court house, south" Feb. 4, 1887, sold for
S270; March 10, sold for $780, March IA, sold
| for $500; March 26, sold for Sl,I00; March
q, the last buyer scoffed at an offer of 81,
600, and has even bets that he will sell it for
$4,000. 1t is worth, and will continue to be
worth for while, if not forever, just $50 to
raise corn upon.
| A young man from Champaign county,
who bought patch of ground out on north
Main-st, two months ago for $4,000, on
Thursday refused $4,000 for it, but Friday
morning was anxious to get an offer of S1S-
600. So far he has failed to find any one
who will come anywhere near his former Of
fers. As a consequence he is active and anx-
ious. He is mentioned only to show that
there is limit even in Findlay to the price
of land. Let it not be thought that his is the
only case of the kind in this place. Within
a day or two there have been cases of weaken
ing in prices and many look for a chronic
condition of that trouble very soon for all
property, and especially for outlying lots.
In concluding his researches in the econo-
mic geology of Findlay, Hannes says:
A large party of veteran boomers from here
are going to Bowling Green to harken to the
rival detonations that are said to be shaking
the earth up there, and l will go up with
them. There is one moving obelisk among
them who has a scheme to form q syndicate
to utilize natural gas in incubating eggs in
sufficient numbers to produce chickens
enough to feed the whole earth. l will sit
beside him on the way up and see if he is
more fortunate than Colonel Sellers was in
the matter of his 'eye water" The Colonel
lacked Zone ingredient" at first, for his
lotion, but shall be disappointed if this re-
latlve of his has not a perfect receipt for
feeding the world on natural gas evolved
chickens.
The Press, commenting editorially on this
letter, makes these sensible observations:
In his letter of Friday he states that the
area at present held by spectators and
private investors in the town of Findlay
already equals that of New York city, and
that, by heroic treatment, prices have been
steadily forced up in the scale until they have
reached figure that, perhaps in from fifteen
to twenty-five years from now, the owners of
the land would be justified in demanding.
but which at the present time, is far in adj.
vance of the bonafide worth of the land. In
this enforced valuation the hand of the
speculator is manifest, and to him more than
to the fortunate discovery of gas and oil, is
due the present fancy figures demanded for
land contiguous to the gas belt. At the pre-
sent rapid rate of increase in population it
will be fifteen years before Findlay will even
equal Toledo in size, and it is not safe to
presume that for that length of time real
estate can be held at its present high figure,
Neighboring towns that are alreay equally
Fortunate in the discovery of gas, will enter
the market as lively competitors of Findlay,
and perhaps influence factories to locate with
in their borders instead of choosing an ex-
penslVe site at that place, and the extension
ot gas pipe lines to cities where important |
railroad trunk lines have their connections |
Will induce the establishments that do desire |
% make change to fix themselves where |
hey can get the most advantageous shipping
ABILITIES, feature that is entirely lacking at |
Eindlay, which is intersected by only one
abroad of consequence. Such being the
ase, it will certainly follow that Findlay real
state will decline in price and the bottom of
he boom fall out to certain extent. There
8 no denying the fact land in and adjacent
o Findlay is actually worth more to-day
han 1t was two years ago, due of course to
he discovery of the valuable natural fuel,
'ut it is all folly to suppose that an acre of
wamp land two miles from the town is worth
ny such figure as $500, and the time will
ONE when some poor fly who has been en-
raped in the real estate spiders web, will
Q bled of the last drop in his veins because
ne spectators will be no longer able to
laintain the fictitious value of land.